These regional subsidiaries of FTX are wholly owned by FTX’s ‘mothership’ in Antigua, FTX Trading Ltd, and license FTX’s technology stack in exchange for royalty payments sent back to the Antigua-based parent. The regional exchanges are compliant with local laws surrounding securities, and thus offer a limited selection of tokens (similar to Binance’s regional subsidiaries). Because of this compliance they can access local payment rails meaning that traders do not have to use expensive and slow SWIFT transfers to deposit or withdraw funds.
Source: https://www.coindesk.com/policy/2022/11/11/ftxs-regional-crypto-exchanges-slowly-reopen-withdrawals/?utm_medium=referral&utm_source=rss&utm_campaign=headlines